UVIX vs. VIXY
Compare and contrast key facts about Volatility Shares 2x Long VIX Futures ETF (UVIX) and ProShares VIX Short-Term Futures ETF (VIXY).
UVIX and VIXY are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. UVIX is a passively managed fund by Volatility Shares that tracks the performance of the Long VIX Futures Index – Benchmark TR Gross (200%). It was launched on Mar 28, 2022. VIXY is a passively managed fund by ProFund Advisors LLC that tracks the performance of the S&P 500 VIX Short-Term Futures Index Total Return. It was launched on Jan 3, 2011. Both UVIX and VIXY are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
UVIX vs. VIXY - Performance Comparison
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UVIX vs. VIXY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
UVIX Volatility Shares 2x Long VIX Futures ETF | 51.66% | -83.21% | -75.24% | -95.28% | -62.08% |
VIXY ProShares VIX Short-Term Futures ETF | 33.97% | -43.05% | -27.43% | -72.74% | -27.93% |
Returns By Period
In the year-to-date period, UVIX achieves a 51.66% return, which is significantly higher than VIXY's 33.97% return.
UVIX
- 1D
- -18.99%
- 1M
- 37.90%
- YTD
- 51.66%
- 6M
- -12.79%
- 1Y
- -76.74%
- 3Y*
- -82.44%
- 5Y*
- —
- 10Y*
- —
VIXY
- 1D
- -9.32%
- 1M
- 23.30%
- YTD
- 33.97%
- 6M
- 6.35%
- 1Y
- -31.66%
- 3Y*
- -42.53%
- 5Y*
- -45.66%
- 10Y*
- -46.57%
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UVIX vs. VIXY - Expense Ratio Comparison
UVIX has a 2.78% expense ratio, which is higher than VIXY's 0.85% expense ratio.
Return for Risk
UVIX vs. VIXY — Risk / Return Rank
UVIX
VIXY
UVIX vs. VIXY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Volatility Shares 2x Long VIX Futures ETF (UVIX) and ProShares VIX Short-Term Futures ETF (VIXY). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
| UVIX | VIXY | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.51 | -0.42 | -0.09 |
Sortino ratioReturn per unit of downside risk | -0.36 | -0.22 | -0.14 |
Omega ratioGain probability vs. loss probability | 0.95 | 0.97 | -0.02 |
Calmar ratioReturn relative to maximum drawdown | -0.82 | -0.46 | -0.36 |
Martin ratioReturn relative to average drawdown | -0.93 | -0.59 | -0.35 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| UVIX | VIXY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.51 | -0.42 | -0.09 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | -0.64 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.64 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.59 | -0.68 | +0.09 |
Correlation
The correlation between UVIX and VIXY is 1.00, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
UVIX vs. VIXY - Dividend Comparison
Neither UVIX nor VIXY has paid dividends to shareholders.
Drawdowns
UVIX vs. VIXY - Drawdown Comparison
The maximum UVIX drawdown since its inception was -99.96%, roughly equal to the maximum VIXY drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for UVIX and VIXY.
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Drawdown Indicators
| UVIX | VIXY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.96% | -100.00% | +0.04% |
Max Drawdown (1Y)Largest decline over 1 year | -94.23% | -69.84% | -24.39% |
Max Drawdown (5Y)Largest decline over 5 years | — | -96.84% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -99.88% | — |
Current DrawdownCurrent decline from peak | -99.93% | -100.00% | +0.07% |
Average DrawdownAverage peak-to-trough decline | -88.02% | -92.10% | +4.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 82.45% | 54.60% | +27.85% |
Volatility
UVIX vs. VIXY - Volatility Comparison
Volatility Shares 2x Long VIX Futures ETF (UVIX) has a higher volatility of 59.07% compared to ProShares VIX Short-Term Futures ETF (VIXY) at 29.44%. This indicates that UVIX's price experiences larger fluctuations and is considered to be riskier than VIXY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UVIX | VIXY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 59.07% | 29.44% | +29.63% |
Volatility (6M)Calculated over the trailing 6-month period | 94.37% | 47.30% | +47.07% |
Volatility (1Y)Calculated over the trailing 1-year period | 149.63% | 75.02% | +74.61% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 138.22% | 71.36% | +66.86% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 138.22% | 72.68% | +65.54% |